Daim’s son emerges as substantial shareholder in Reliance

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KUALA LUMPUR: Former Finance Minister Tun Daim Zainuddin’s wife and son - Toh Puan Mahani Idris and Datuk Md Wira Dani Abdul Daim - have become substantial shareholders in Reliance Pacific Bhd by virtue of their interests in Ibu Kota Developments Sdn Bhd.

In filings with Bursa Malaysia, the hospitality industry player said Ibu Kota bought 66.97 million shares in off market transactions last Friday, boosting the duo’s deemed interest in Reliance from 4.49% to 12.29%.

The acquisition propelled Ibu Kota from the fourth largest shareholder to the second largest, behind Reliance Holdings Sdn Bhd which holds a 38.94% indirect interest.

Based on Reliance’s closing price of 37.5 sen on Tuesday (down 2 sen from Monday), the 7.8% stake bought by Ibu Kota would be worth RM25.11mil.

Reliance swung to a net loss of RM8.86mil for the first nine months ended Dec 31, 2015, from a net profit of RM553,000 in the same period in the preceding year while revenue grew 9.3% to RM146.05mil.

Reliance is involved in hotel/resort management, travel services and tours, and property development.